Jabil Replaces CEO After Investigation, Pulls 2025 Forecast
Date
5/20/2024 3:31:42 PM
(MENAFN- Live Mint) " (Adds Jabil comment in paragraphs 4 and 5, updates share movement in paragraph 9) May 20 (Reuters) - Jabil CEO Kenneth Wilson will leave immediately, the company said on Monday, following the completion of a previously disclosed investigation related to \"corporate policies\" and will be succeeded by finance chief Michael Dastoor. The electronic components maker, whose customers include Apple, also withdrew its fiscal 2025 forecast, citing the surprise CEO transition. Dastoor, who has worked at Jabil for 24 years, was named interim CEO on April 18 while Wilson was placed on paid leave since April 15 pending completion of the investigation. Jabil reiterated the investigation does not relate to, and does not impact the company's financial statements or financial reporting, but did not provide further details. \"In order to respect the privacy and confidentiality of the individuals involved, we will not be speaking about the details of the investigation or the results,\" the company said in a statement to Reuters. Wilson, also a Jabil veteran, was named CEO in November 2022 and took charge in May 2023. Wilson did not immediately respond to Reuters' request for comment. In March, the Florida-based company cut its 2024 forecasts on declining demand for electronics as inflation-hit customers cut down on discretionary spending. Gregory Hebard, most recently treasurer, was named the chief financial officer. Shares of the company were up 6% in mid-day trade. They have lost about 11% of their value since the company disclosed the investigation. (Reporting by Aishwarya Jain in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila)
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